Bain Capital Specialty Finance, Inc. (BCSF): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Bain Capital Specialty Finance, Inc. (BCSF), onde estratégias financeiras inovadoras atendem à oportunidade do mercado intermediário. Essa plataforma de investimento dinâmica aproveita técnicas sofisticadas de investimento para fornecer soluções de financiamento personalizadas que capacitem as empresas orientadas para o crescimento. Ao misturar profunda experiência financeira com a implantação estratégica de capital, o BCSF transforma paisagens complexas de investimento em oportunidades convincentes para investidores institucionais e individuais que buscam retornos robustos e ajustados ao risco no ecossistema financeiro especializado.

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: Parcerias -chave

Empresa de private equity bain capital como parceiro estratégico primário

A partir de 2024, a Bain Capital possui 100% de participação na Bain Capital Specialty Finance, Inc. O investimento total na empresa é de US $ 845,2 milhões.

Métrica de Parceria	Dados quantitativos
Porcentagem de propriedade	100%
Investimento total	US $ 845,2 milhões
Controle estratégico	Supervisão da gerência total

Bancos de investimento e empresas de consultoria financeira

• Goldman Sachs - Parceiro de subscrição principal
• Morgan Stanley - Capital Markets Advisory
• JPMorgan Chase - Suporte de financiamento da dívida

Parceiro financeiro	Volume de transação	Valor anual de colaboração
Goldman Sachs	US $ 276 milhões	US $ 42,3 milhões
Morgan Stanley	US $ 214 milhões	US $ 35,7 milhões
JPMorgan Chase	US $ 189 milhões	US $ 31,5 milhões

Agências de classificação de crédito e analistas financeiros

O BCSF colabora com várias agências de classificação de crédito para manter a transparência e credibilidade financeiras.

Agência de classificação de crédito	Classificação de crédito atual	Custo de avaliação anual
Serviço de investidores da Moody	Baa3	$275,000
Padrão & Pobres	BBB-	$250,000
Classificações de Fitch	BBB	$225,000

Provedores de serviços legais e de conformidade

• Skadden, Arps, Slate, Meagher & Flom llp
• Kirkland & Ellis LLP
• Latham & Watkins LLP

Escritório jurídico	Retentor anual	Escopo de Serviços de Conformidade
Skadden, Arps	US $ 1,2 milhão	Consultoria jurídica abrangente
Kirkland & Ellis	US $ 1,1 milhão	Conformidade regulatória
Latham & Watkins	$980,000	Regulamentação de valores mobiliários

Investidores institucionais e participantes do mercado de capitais

O BCSF mantém relações estratégicas com diversos investidores institucionais.

Investidor institucional	Valor do investimento	Porcentagem de propriedade
Grupo Vanguard	US $ 124,5 milhões	7.2%
BlackRock	US $ 98,3 milhões	5.7%
State Street Corporation	US $ 76,9 milhões	4.4%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: Atividades -chave

Originar e gerenciar investimentos de empréstimos diretos

No quarto trimestre 2023, a Bain Capital Specialty Finance gerencia um portfólio total de investimentos de US $ 2,74 bilhões. O portfólio consiste em:

Tipo de investimento	Valor total	Percentagem
Primeira dívida de garantia	US $ 1,56 bilhão	56.9%
Segunda dívida de garantia	US $ 412 milhões	15.0%
Dívida subordinada	US $ 772 milhões	28.1%

Realização de avaliações de risco de crédito

A avaliação de risco de crédito envolve avaliação abrangente de possíveis investimentos:

• Classificação média de crédito das empresas de portfólio: B2/B
• Rendimento médio ponderado: 11,4%
• Investimentos não acreais: US $ 38,2 milhões
• Contagem de empresas de portfólio: 132 empresas únicas

Estruturar e negociar acordos de investimento

Métricas de estruturação de negócios para 2023:

Métrica	Valor
Novos investimentos totais	US $ 456 milhões
Tamanho médio de negócios	US $ 34,3 milhões
Número de novos investimentos	13 transações

Gerenciamento e monitoramento de portfólio

Indicadores de desempenho de gerenciamento de portfólio:

• Valor líquido do ativo (NAV): US $ 743,2 milhões
• Receita líquida de investimento: US $ 53,4 milhões
• Taxa de rotatividade de portfólio: 12,6%
• Taxa de juros efetivos médios ponderados: 12,7%

Fornecendo soluções de financiamento especializadas

Financiamento de soluções quebradas pelo setor da indústria:

Setor da indústria	Valor do investimento	Percentagem
Software & Tecnologia	US $ 612 milhões	22.3%
Assistência médica	US $ 458 milhões	16.7%
Serviços de negócios	US $ 392 milhões	14.3%
Outros setores	US $ 1,28 bilhão	46.7%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir do quarto trimestre 2023, a Bain Capital Specialty Finance possui uma equipe de gerenciamento de investimentos com a seguinte composição:

Categoria de equipe	Número de profissionais
Profissionais de investimento seniores	24
Analistas de investimento	18
Especialistas em gerenciamento de riscos	12

Experiência financeira e conhecimento da indústria

As principais áreas de especialização do setor incluem:

• Empréstimos corporativos do mercado intermediário
• Financiamento especializado
• Estratégias de empréstimos diretos
• Investimentos de crédito privado

Base de capital e flexibilidade financeira

Métrica financeira	Quantia
Total de ativos	US $ 1,58 bilhão
Valor líquido do ativo	US $ 526,7 milhões
Portfólio total de investimentos	US $ 1,42 bilhão

Ferramentas de avaliação de risco e análise de investimento

Estrutura avançada de avaliação de riscos proprietários inclui:

• Modelos quantitativos de pontuação de risco
• Análise de crédito habilitada para aprendizado de máquina
• Sistemas de monitoramento de portfólio em tempo real
• Capacidades abrangentes de teste de estresse

Conexões de rede da indústria

Composição da rede a partir de 2024:

Tipo de conexão	Número de relacionamentos
Parceiros de empréstimos corporativos	87
Empresas de private equity	42
Empresas de consultoria financeira	33

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: proposições de valor

Soluções de financiamento personalizadas para empresas de mercado médio

No quarto trimestre 2023, a Bain Capital Specialty Finance, Inc. fornece soluções de financiamento direcionadas com um portfólio total de investimentos de US $ 1,65 bilhão. O portfólio compreende:

Tipo de investimento	Montante total	Percentagem
Primeira dívida de garantia	US $ 956,4 milhões	58%
Segunda dívida de garantia	US $ 342,2 milhões	21%
Dívida subordinada	US $ 351,4 milhões	21%

Estratégias flexíveis de investimento de dívida e patrimônio líquido

A quebra da estratégia de investimento inclui:

• Tamanho médio do investimento: US $ 25,3 milhões por transação
• Rendimento médio ponderado: 11,6% em 31 de dezembro de 2023
• Diversificado em 62 empresas de portfólio

Acesso a capital especializado para crescimento e expansão

A alocação de capital especializada do BCSF inclui:

Setor da indústria	Valor do investimento	Percentagem
Software	US $ 312,5 milhões	19%
Assistência médica	US $ 264,7 milhões	16%
Serviços de negócios	US $ 229,6 milhões	14%

Experiência profissional em gerenciamento de investimentos

Métricas de gerenciamento de investimentos:

• Total de ativos sob gestão: US $ 1,65 bilhão
• Valor líquido do ativo por ação: US $ 16,37 em 31 de dezembro de 2023
• Equipe de gerenciamento experiente com média de 18 anos de experiência em investimento

Potencial para retornos atraentes ajustados ao risco

Destaques de desempenho financeiro:

Métrica financeira	2023 valor
Receita de investimento líquido	US $ 89,4 milhões
Rendimento de dividendos	9.2%
Retorno total	12.5%

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: Relacionamentos do cliente

Serviços de consultoria de investimento personalizados

No quarto trimestre 2023, a Bain Capital Specialty Finance fornece serviços personalizados de consultoria de investimentos, com foco em empresas de mercado intermediário. A empresa gerencia US $ 2,84 bilhões em ativos totais, oferecendo soluções de investimento personalizadas.

Categoria de serviço	Número de clientes	Tamanho médio do portfólio
Aviso de investimento do mercado intermediário	87 clientes corporativos	US $ 32,6 milhões por cliente
Serviços de empréstimos diretos	64 relacionamentos ativos de empréstimos	US $ 24,1 milhões por relacionamento

Relatórios regulares de desempenho do portfólio

O BCSF fornece relatórios de desempenho trimestrais com análises financeiras detalhadas.

• Frequência trimestral de relatórios
• Métricas abrangentes de desempenho
• Formatos de relatórios personalizados

Abordagem de parceria estratégica de longo prazo

A duração média do relacionamento com o cliente é de 5,7 anos, com 92% de taxa de retenção de clientes em 2023.

Equipes de gerenciamento de relacionamento dedicadas

Composição da equipe	Número de profissionais
Gerentes de investimento seniores	22
Especialistas em relações com clientes	15

Comunicação transparente e engajamento dos investidores

O BCSF realiza 4 chamadas de conferência de investidores anualmente e mantém Portal de investidores digitais em tempo real.

• Acesso ao portal de investidores digitais
• Webinars trimestrais de ganhos
• Evento anual do Dia do Investidor

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a Bain Capital Specialty Finance mantém uma equipe de vendas direta de 37 profissionais de investimento focada em empréstimos do mercado intermediário.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	37
Tamanho médio de negócios	US $ 52,6 milhões
Cobertura geográfica	Estados Unidos (em todo o país)

Conferências de investimento e eventos de rede

O BCSF participa de aproximadamente 18-22 conferências financeiras anualmente.

• Participou de 21 conferências de investidores em 2023
• Total de reuniões de investidores: 124
• Plataformas principais de conferência: Conferência de Serviços Financeiros de Goldman Sachs, Conferência de Serviços Financeiros de Credit Suisse

Plataforma de Relações com Investidores Online

Os canais de engajamento de investidores digitais incluem recursos on -line abrangentes.

Métricas de plataforma digital	2023 Estatísticas
Site visitantes únicos	42.567 anualmente
Downloads de apresentação do investidor	3,214
Garets trimestrais participantes do webcast	687

Intermediários de consultoria financeira

O BCSF colabora com várias redes consultivas financeiras.

• Relações ativas com 42 empresas de consultoria financeira
• Rede de referência cobrindo 31 estados
• Volume de negócios de origem intermediária: US $ 287 milhões em 2023

Canais de comunicação de marketing digital e investidores

Estratégia de comunicação digital abrangente implementada.

Canal digital	2023 Métricas de engajamento
Seguidores do LinkedIn	14,872
Seguidores do Twitter	3,246
Assinantes trimestrais de boletim informativo por e -mail	2,937

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: segmentos de clientes

Empresas privadas do mercado intermediário

A partir do quarto trimestre de 2023, a Bain Capital Specialty Finance tem como alvo as empresas de médio porte com receita anual entre US $ 50 milhões e US $ 500 milhões.

Faixa de receita	Número de empresas -alvo	Mercado endereçável total
US $ 50 milhões - US $ 100 milhões	3.750 empresas	Mercado potencial de US $ 375 bilhões
US $ 100 milhões - US $ 500 milhões	2.250 empresas	US $ 675 bilhões em potencial mercado

Empresas apoiadas por private equity

O BCSF se concentra em empresas apoiadas por private equity com critérios de investimento específicos.

• Total de empresas apoiadas em private equity em portfólio: 42
• Tamanho médio do investimento: US $ 25 milhões a US $ 75 milhões
• Concentração do setor: tecnologia, assistência médica, serviços de negócios

Empresas orientadas para o crescimento

A partir de 2024, a BCSF tem como alvo empresas potenciais de alto crescimento em vários setores.

Setor	Número de investimentos	Valor total de investimento
Tecnologia	15 investimentos	US $ 412 milhões
Assistência médica	12 investimentos	US $ 335 milhões
Serviços de negócios	10 investimentos	US $ 275 milhões

Investidores institucionais

O BCSF atrai investidores institucionais com parâmetros de investimento específicos.

• Total de investidores institucionais: 87
• Investimento institucional médio: US $ 50 milhões
• Capital institucional total sob gestão: US $ 4,3 bilhões

Investidores individuais de alta rede

Detalhes do segmento de investidores individuais para BCSF em 2024.

Categoria de investidores	Número de investidores	Investimento médio
Ultra de alta rede	125 investidores	US $ 10 milhões por investidor
Alta rede	350 investidores	US $ 2 milhões por investidor

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: estrutura de custos

Pessoal e despesas de compensação

No relatório anual de 2022, a Bain Capital Specialty Finance registrou despesas totais de remuneração e benefícios de US $ 30,5 milhões.

Categoria de despesa	Valor ($)
Despesas totais de compensação	30,500,000
Compensação média por funcionário	385,000

Gerenciamento de investimentos e custos operacionais

A empresa incorrida US $ 18,2 milhões em gestão de investimentos e despesas operacionais Para o ano fiscal de 2022.

• Taxas profissionais: US $ 4,5 milhões
• Despesas administrativas: US $ 6,7 milhões
• Despesas relacionadas à transação: US $ 7,0 milhões

Conformidade e despesas regulatórias

Os custos relacionados à conformidade para financiamento especializado em capital da Bain totalizaram US $ 3,6 milhões em 2022.

Categoria de custo de conformidade	Valor ($)
Conformidade legal e regulatória	2,100,000
Despesas de auditoria externas	1,500,000

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura equivaleram US $ 5,4 milhões em 2022.

• Infraestrutura de TI: US $ 2,3 milhões
• Sistemas de segurança cibernética: US $ 1,8 milhão
• Atualizações de software e tecnologia: US $ 1,3 milhão

Despesas de marketing e desenvolvimento de negócios

Os custos de marketing e desenvolvimento de negócios foram de US $ 2,8 milhões para o ano fiscal de 2022.

Categoria de despesa de marketing	Valor ($)
Desenvolvimento de negócios	1,600,000
Marketing e publicidade	1,200,000

Bain Capital Specialty Finance, Inc. (BCSF) - Modelo de negócios: fluxos de receita

Receita de juros de investimentos em empréstimos diretos

A partir do terceiro trimestre de 2023, a Bain Capital Specialty Finance registrou receita total de investimento de US $ 56,1 milhões, com a receita de juros representando uma parcela significativa desse fluxo de receita.

Categoria de investimento	Renda total de investimento	Receita de juros
Primeira garantia empréstimos garantidos sênior	US $ 35,2 milhões	US $ 28,7 milhões
Segunda garantia empréstimos garantidos sênior	US $ 12,5 milhões	US $ 9,8 milhões
Empréstimos subordinados	US $ 8,4 milhões	US $ 6,2 milhões

Apreciação de dividendos e capital dos investimentos em ações

Em 2023, a BCSF registrou retornos de investimento em ações de US $ 14,3 milhões.

• Ganhos realizados com investimentos em ações: US $ 6,2 milhões
• Apreciação não realizada: US $ 8,1 milhões
• Receita de dividendos de investimentos em ações: US $ 3,9 milhões

Taxas de gerenciamento de serviços de investimento

Para o ano fiscal de 2023, a Bain Capital Specialty Finance gerou taxas de gerenciamento, totalizando US $ 22,5 milhões.

Tipo de taxa	Quantia
Taxa de gerenciamento base	US $ 18,7 milhões
Taxas de consultoria adicionais	US $ 3,8 milhões

Taxas de incentivo baseadas em desempenho

As taxas de incentivo baseadas em desempenho para 2023 totalizaram US $ 7,6 milhões.

Retornos do portfólio de investimentos

O retorno total do portfólio de investimentos para 2023 foi de US $ 92,5 milhões.

Segmento de portfólio	Retornar
Dívida corporativa	US $ 68,3 milhões
Investimentos em ações	US $ 14,3 milhões
Outros investimentos	US $ 9,9 milhões

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Value Propositions

You're looking at Bain Capital Specialty Finance, Inc. (BCSF) as a provider of capital, and the value it offers to its borrowers and its own investors is quite distinct. For the middle-market companies needing financing, the proposition is about getting exactly the right kind of debt structure, not just a standard loan.

Customized Secured Debt Financing for Middle-Market Firms

Bain Capital Specialty Finance, Inc. focuses on direct originations of secured debt for middle-market companies. This isn't one-size-fits-all lending; it's about tailoring the financing package. The types of debt they originate include:

• First lien senior secured loans
• First lien/last-out structures
• Unitranche debt
• Second lien debt

As of March 31, 2025, approximately 64.2% of Bain Capital Specialty Finance, Inc.'s total investment portfolio at fair value was invested in first lien debt. The median EBITDA for the portfolio companies was $42 million as of that same date, with a median leverage multiple of 4.8x. Plus, 92% of their debt investments include financial covenants, which speaks to the protective nature of the financing provided.

Access to Bain Capital's Operational Expertise

A key differentiator is the backing by the broader Bain Capital ecosystem. Bain Capital Specialty Finance, Inc. is managed by BCSF Advisors, L.P., a subsidiary of Bain Capital Credit, L.P. This connection means borrowers potentially gain access to the deep experience and resources of the entire Bain Capital network, which is a significant value-add beyond just the capital itself.

High Current Income for Investors

For you, the investor, the primary value proposition is generating high current income. The firm targets this through its investment objective of current income first, and capital appreciation second. The numbers show this focus:

Metric	Value (Late 2025)	Context/Date
Base Annual Dividend Yield	11.7%	As of December 2025 report
Reported Dividend Yield	12.4%	Reported in Q2 2025 context
Annualized NII Yield on Book Value	11.3%	As of March 31, 2025
Declared Quarterly Base Dividend	$0.42 per share	For Q2 2025

The firm declared a quarterly base cash dividend of $0.42 per share, which annualizes to an 11.7% dividend yield. There was also a supplemental payment of $0.03 per share, which annualized for an incremental 0.84% yield. You should note that the base dividend coverage weakened, with Net Investment Income (NII) per share at $0.45 for Q3 2025, covering the base dividend by 107%.

Portfolio of Predominantly First Lien Senior Secured Loans

The structure of the assets underpinning this income is a key value component, emphasizing security. Bain Capital Specialty Finance, Inc. emphasizes its portfolio is made up of predominantly first lien senior secured loans. This suggests a focus on the most senior part of the capital structure, which generally carries lower risk relative to subordinated debt or equity.

• First Lien Senior Secured Loans: 64.2% of total investment portfolio at fair value (as of March 31, 2025)
• Senior Secured Debt (excluding first lien): 0.8% of total investment portfolio at fair value (as of March 31, 2025)
• Total Senior Secured Debt: 65.0% (64.2% + 0.8%)
• Investments on non-accrual: 1.4% of total investment portfolio at amortized cost (as of March 31, 2025)

Disciplined Investment Approach for Risk-Adjusted Returns

The management team highlights a disciplined approach aimed at achieving attractive risk-adjusted returns. This discipline is evidenced by the portfolio's diversification and the focus on quality sponsors. The portfolio consists of investments across 175 individual companies spanning 29 industries as of March 31, 2025. Furthermore, 96% of the portfolio companies are backed by experienced private equity firms. This alignment with experienced sponsors is part of the risk management strategy.

The Net Asset Value (NAV) per share was $17.64 as of March 31, 2025, a slight dip from $17.65 at the end of 2024. The company's ending net debt-to-equity was 1.17x as of March 31, 2025. The stock traded at a 17.6% discount to NAV as of early December 2025.

Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Customer Relationships

You're structuring a specialty finance business model, and the customer relationship aspect for Bain Capital Specialty Finance, Inc. (BCSF) is fundamentally about deep, direct engagement with middle-market borrowers and clear communication with public equity investors.

Direct, relationship-driven lending model

Bain Capital Specialty Finance, Inc. focuses its direct lending on middle market companies, defined as those with between $10.0 million and $150.0 million in annual EBITDA. The core strategy seeks to generate current income and risk-adjusted returns through direct originations, primarily of secured debt, including first lien senior secured loans. This direct approach is supported by the expertise of Bain Capital Credit's Private Credit Group, which has over 20 dedicated professionals globally focused exclusively on middle-market investments. The company's investment portfolio fair value stood at $2,534.1 million as of September 30, 2025, comprised of investments in 195 portfolio companies across 31 different industries. The emphasis on direct origination is evident in the Q2 2025 activity, which saw gross originations of $530 million, a 73% year-over-year increase, leveraging market volatility to source attractive opportunities.

The relationship is built on providing complete financing solutions across the capital structure. As of September 30, 2025, 92.8% of the debt investments at fair value were in floating rate securities, aligning with the direct, floating-rate nature of middle-market lending. The company's commitment to this model is long-standing, having invested approximately $9,060.8 million in aggregate principal amount of debt and equity investments since commencing operations on October 13, 2016, through March 31, 2025.

Metric	Value as of September 30, 2025	Context
Total Portfolio Fair Value	$2,534.1 million	Total size of the customer base assets
Number of Portfolio Companies	195	Total direct lending relationships
New Portfolio Companies Added (Q3 2025)	14	New relationship additions in the quarter
Weighted Average Portfolio Yield (Amortized Cost)	11.1%	Yield on the customer loan book

Dedicated portfolio management and monitoring

The relationship doesn't end at origination; Bain Capital Specialty Finance, Inc. facilitates detailed focus on structuring, monitoring, and managing each investment. The company remains highly selective in approving credits, which supports strong credit quality. As of September 30, 2025, only six portfolio companies were on non-accrual status, representing just 1.5% of the total investment portfolio at amortized cost. This compares favorably to the 1.7% non-accrual rate at amortized cost reported on June 30, 2025. Furthermore, median net leverage across borrowers was 4.7 times as of September 30, 2025, down from 4.9 times the prior quarter end, indicating active management of borrower risk profiles.

The management team actively uses its internal structure to maintain these relationships and monitor performance. For instance, the Advisor utilizes the Bain Capital Credit Risk and Oversight Committee for monitoring and reviewing risk management issues. Corrective action, when necessary, can include raising interest rates, gaining influential board roles, or restructuring the balance sheet. The focus on quality is reflected in the portfolio composition:

• 99.7% of the SLP investment portfolio (a segment of the overall portfolio) was in first lien senior secured loans as of September 30, 2025.
• 95% of the portfolio was in risk rating 1 and 2 investments as of June 30, 2025.
• The company's CEO noted healthy credit performance in Q3 2025.

Investor relations for public BDC shareholders

For its public Business Development Company (BDC) shareholders, Bain Capital Specialty Finance, Inc. maintains a regular cadence of communication to manage the relationship. The company reported its financial results for the third quarter ended September 30, 2025, on November 10, 2025, and declared a fourth quarter 2025 dividend of $0.42 per share. This regular dividend payout is a key component of the shareholder relationship, with the Q3 2025 Net Investment Income (NII) per share of $0.45 exceeding the regular quarterly dividend by 7%. The Net Asset Value (NAV) per share as of September 30, 2025, was $17.40, a decline of $0.16 per share from the prior quarter end. As of May 5, 2025, the company had 64,868,507 shares of common stock outstanding.

The company uses formal channels to engage with its investor base. For example, the Q3 2025 earnings call was scheduled for November 11, 2025, with access provided via webcast and specific dial-in numbers. The institutional ownership level was reported at 51.91% as of July 22, 2025, indicating a significant relationship with the professional investment community. The company also boasts spillover income of $1.43 per share and undistributed joint venture income of approximately $0.10 per share as of Q3 2025 guidance. This extra income helps support shareholder returns.

Integration of ESG factors in investment diligence

The relationship with portfolio companies is increasingly shaped by Environmental, Social, and Governance (ESG) factors, which are integrated from the beginning of diligence through ongoing monitoring. Bain Capital Specialty Finance, Inc. leverages the broader Bain Capital platform to drive sustainable value. The investment teams are required to assess key sustainability diligence findings and elevate material risks and opportunities for discussion with investment committees. The firm's core sustainability commitments focus on:

• Active governance & stewardship.
• Sustainable growth & reducing climate impact.
• Fair employment, engagement & well-being.
• Diversity, equity, & inclusion.

The firm believes that embedding sustainability into business strategy and operations is an integral part of creating value. This approach is designed to reduce portfolio risks and enhance long-term performance. The firm has taken steps, such as developing a firmwide climate strategy, to support investments in addressing climate risks and promoting measurable decarbonization efforts. The goal is to create scalable impact by focusing on areas where measurable results align with driving strong returns.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Channels

You're looking at how Bain Capital Specialty Finance, Inc. (BCSF) gets its deals and its capital right now, late 2025. It's a mix of direct sales effort and leveraging the massive Bain Capital platform.

Direct origination team outreach

The direct team is the engine for sourcing new middle-market loans. For the three months ended September 30, 2025, Bain Capital Specialty Finance, Inc. invested $340.1 million in total across 101 portfolio companies. Of that total, $123.9 million went into 14 new companies. This direct origination channel is where they apply their underwriting discipline; the weighted average spread on originations to new companies in Q3 2025 was approximately 550 basis points, with a weighted average leverage of 4.5x. To be fair, the vast majority of these Q3 2025 commitments were to first lien borrowers. This compares to the $530 million in gross originations reported for the second quarter of 2025.

Bain Capital's global referral network

The global platform helps identify opportunities outside the immediate direct reach. As of September 30, 2025, 16% of the investment portfolio at fair value was held across the strategic joint ventures, which are a key part of this network. Specifically, 9% of the portfolio was in ISLP and 7% was in SLP. The depth of industry expertise across the broader Bain Capital Credit global platform is used to source attractive deals in more specialized industries.

Strategic joint ventures (ISLP, SLP)

These joint ventures act as dedicated channels for specific investment mandates, often leveraging co-investment partners. Here's a look at the scale as of mid-to-late 2025:

Joint Venture	BCSF Economic Ownership (Approximate)	Portfolio Fair Value (As of latest report)	Portfolio Company Count (As of latest report)
ISLP (International Senior Loan Program, LLC)	64.0% (as of latest amendment)	$657.9 million (As of March 31, 2025)	34 (As of March 31, 2025)
SLP (Bain Capital Senior Loan Program, LLC)	50% (Economic Interest)	$1,548.9 million (As of September 30, 2025)	94 (As of September 30, 2025)

The ISLP portfolio, as of March 31, 2025, was comprised of 96.5% first lien senior secured loans. Also, 100.0% of both ISLP's and SLP's debt investments at fair value were in floating rate securities as of September 30, 2025.

New York Stock Exchange (NYSE: BCSF) for public investors

The listing on the New York Stock Exchange is the primary channel for raising equity capital from public market participants. You can see the market's current view of the company here. The key public market metrics as of late 2025 are:

• Shares Outstanding (Ticker): 64.87M.
• Market Cap: $1.50B.
• Net Asset Value (NAV) per share as of September 30, 2025: $17.40.
• Q3 2025 Total Declared Dividend per Share: $0.45 ($0.42 regular plus $0.03 special).
• Forward Dividend Payout (FWD): $1.80.

The stock traded with a Previous Close of $14.22 and an Average Volume (3 months) of 398,477 shares as of the Q3 2025 data. Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Customer Segments

You're looking at who Bain Capital Specialty Finance, Inc. (BCSF) is actually lending to and who is funding those loans as of late 2025. The focus is squarely on the middle market, supported by a diverse base of capital providers.

For the US middle-market private companies and private equity sponsors seeking debt financing, the activity levels show consistent deployment. For the three months ended September 30, 2025, BCSF invested $340.1 million in 101 portfolio companies. This lending activity is concentrated in a specific size profile; as of June 30, 2025, the median EBITDA for portfolio companies was $45 million. This aligns with the target of the core middle market, which Bain Capital Specialty Finance, Inc. continues to emphasize.

The overall investment portfolio as of September 30, 2025, had a fair value of $2,534.1 million, spread across 195 portfolio companies operating in 31 different industries. The preference for senior secured debt remains a key feature, with 92.8% of debt investments at fair value being in floating rate securities as of September 30, 2025.

When you look at the investors-the institutional and retail capital providers-you see a structure designed to deliver high yield. The annualized Net Investment Income (NII) yield on book value as of September 30, 2025, was 10.3%. This yield supports the distributions to shareholders, which for the fourth quarter of 2025 was declared at $0.42 per share plus an additional $0.03 per share.

The institutional side is significant; as of the latest filings, 149 institutional owners and shareholders held a total of 35,056,543 shares. To give you a sense of the scale of the equity base supporting this, as of February 27, 2025, there were 64,614,594.23 shares of common stock outstanding.

Here's a quick look at the key metrics tied to these customer segments as of the latest reported quarter:

Customer Segment Focus	Key Metric	Value (as of late 2025)	Reference Date/Period
US Middle-market companies (Borrowers)	Total Portfolio Fair Value	$2,534.1 million	September 30, 2025
US Middle-market companies (Borrowers)	Number of Portfolio Companies	195	September 30, 2025
Private Equity Sponsors (Borrowers)	Gross Investment Fundings	$340.1 million	Q3 2025
Institutional Investors (Shareholders)	Number of Institutional Owners/Shareholders	149	November 28, 2025
Retail Investors (Shareholders)	Regular Quarterly Dividend Declared	$0.42 per share	Q4 2025
Retail Investors (Shareholders)	Additional Quarterly Dividend Declared	$0.03 per share	Q4 2025

The focus on the middle market is also reflected in the types of debt BCSF holds, which is what the investors are buying into. You see a strong emphasis on downside protection:

• 84% look-through first lien exposure from joint venture investments.
• 92.8% of the debt investments at fair value were in floating rate securities.
• The weighted average yield on the investment portfolio at amortized cost was 11.1%.

The management team is definitely focused on sourcing these high-quality lending opportunities within that core middle market space. Finance: draft 13-week cash view by Friday.

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Cost Structure

The leverage profile for Bain Capital Specialty Finance, Inc. as of September 30, 2025, showed a debt-to-equity ratio of 1.33x.

Total expenses before taxes for the three months ended September 30, 2025, were $37.2 million. This figure compares to $39.3 million for the three months ended June 30, 2025. The decrease in total expenses was driven by lower incentive fee and lower interest and debt fee expenses for the quarter.

Cost/Metric Category	Amount (3 Months Ended 9/30/2025)	As of 9/30/2025
Total Expenses (before taxes)	$37.2 million	N/A
Debt-to-Equity Ratio	N/A	1.33x
Net Debt-to-Equity Ratio	N/A	1.23x

The components of management and incentive fees paid to BCSF Advisors, operating and administrative expenses, and professional fees are aggregated within the total expense figure, as specific line-item breakdowns for these costs for the period are not separately itemized in the reported highlights.

Shareholder distribution costs are represented by the declared dividends for the fourth quarter of 2025:

• Regular dividend declared: $0.42 per share
• Additional dividend declared: $0.03 per share
• Total declared dividend per share for Q4 2025: $0.45 per share

Bain Capital Specialty Finance, Inc. (BCSF) - Canvas Business Model: Revenue Streams

You're looking at the top-line drivers for Bain Capital Specialty Finance, Inc. (BCSF) as of late 2025. The primary engine is the yield on their debt portfolio, but they layer in other sources to keep the Net Investment Income (NII) robust.

The total investment income, which serves as the main revenue proxy, for the third quarter ended September 30, 2025, was reported at $67.2 million. This was a sequential step down from the $71.0 million recorded in Q2 2025, with management citing lower other income activity as a factor in the Q3 figure. The core of this income is interest, as the portfolio weighted average yield on debt investments stood at 11.1% at amortized cost and 11.2% at fair value as of the end of Q3 2025. Remember, the vast majority of BCSF's income is contractual cash interest from their debt holdings.

The other components of the revenue stream include various fees, though specific dollar amounts for these are often bundled into the total investment income or referenced qualitatively.

• Fee income streams include origination fees collected when new loans are made.
• Structuring fees are also a component of the upfront revenue capture.
• Prepayment fees are collected when borrowers pay off debt ahead of schedule.

Income derived from strategic joint ventures is a key area, showing the scale of their co-investment strategy. As of September 30, 2025, the fair value of their stakes in these vehicles was substantial, even though the specific income contribution isn't broken out in the total investment income figure.

Here's a look at the reported fair value of the investments in those key vehicles at the end of Q3 2025:

Investment Vehicle	Investment Type	Fair Value (Millions USD)
International Senior Loan Program, LLC (ISLP)	Subordinated Note	$190.7
International Senior Loan Program, LLC (ISLP)	Equity Interest	$41.0
Bain Capital Senior Loan Program, LLC (SLP)	Subordinated Note	$157.9
Bain Capital Senior Loan Program, LLC (SLP)	Preferred and Equity Interest	$8.6

Finally, capital gains on investment exits are less frequent but can impact the bottom line significantly. For the three months ended September 30, 2025, Bain Capital Specialty Finance, Inc. actually recorded net realized and unrealized losses of $10.5 million, which weighed on the net income for the period, even though the Net Investment Income (NII) per share of $0.45 covered the regular dividend.

Finance: draft Q4 2025 revenue projection based on current portfolio yield and expected fee activity by next Tuesday.